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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Cook County Board of Review is
warranted. The correct assessed valuation of the property is:
IMPR.: $ 18,974
Subject only to the State multiplier as applicable.
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PROPERTY TAX APPEAL BOARD'S DECISION
DOCKET NO.: 05-22880.001-C-1
PARCEL NO.: 28-35-302-043
The parties of record before the Property Tax Appeal Board
(hereinafter PTAB) are Reddy, the appellant, by attorney Arnold
G. Siegel in Chicago and the Cook County Board of Review.
The subject property consists of a 40,780 square foot parcel of
land improved with a 45-year old, one-story, masonry constructed,
commercial building with 1,814 square feet of building area. The
appellant, via counsel, argued that the market value of the
subject property is not accurately reflected in the property's
assessed valuation as the basis of this appeal.
In support of the market value argument, the appellant submitted
an appraisal of the subject property with an effective date of
January 1, 2005. The appraiser used the sales comparison
approach to value to arrive at market value. The appraiser
determined that the highest and best use to be its current use.
After making adjustments in the sales comparison approach to
value, the appraisal opined a value for the subject of $315,000.